Trump has 'disgraced' United States prestige: Iran's Khamenei

Trump has 'disgraced' United States prestige: Iran's Khamenei

The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide.

In May, US President Donald Trump announced US withdrawal from the Iranian nuclear deal and consequent reinstatement of its sanctions against Iran that had been previously lifted within the deal.

Iran said it was not troubled over the re-imposition of United States sanctions.

Diplomats told Reuters last week that the new European Union mechanism to facilitate payments for Iranian exports should be legally in place by November 4 but not operational until early next year.

That could make it extremely hard for Iran to do business with other countries. The sanctions are created to exert financial pressure by cutting the Islamic Republic out of the global market. "The other six will import at greatly reduced levels", Pompeo said. "This is the Trump administration trying to force the rest of the world to go along with a policy that most countries do not accept", said Barbara Slavin, an Iran expert at the Washington-based Atlantic Council. "They are necessary to spur changes we seek on the part of the regime", he said.

Earlier in the day, Bloomberg reported, citing an anonymous senior official from the USA administration, that the United States had agreed to grant eight states, including India, Japan and South Korea, waivers from the upcoming U.S. sanctions targeting Iranian oil sector.

The countries won't be named until Monday, but Bloomberg reports Japan, India, South Korea, and China are expected to be among recipients.

"The US has had some success in terms of frightening away major corporations".

Analysts at a watchdog that monitors global oil shipments have revealed that they have been utterly exhausted from trying to track Iran's oil exports amid a looming U.S. embargo on the petrochemical sector.

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Speaking in a conference call, Pompeo said, "We expect to issue some temporary allotments to eight jurisdictions, but only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves toward getting to zero crude oil importation".

Part of the explanation lies in the ambiguous position of the U.S., which initially insisted that the sanctions were created to reduce Iranian exports to zero barrels, but has since has softened its position.

Will there be enough oil for the world?

Harrell said the administration was concerned not to drive up the oil price with its sanctions against Iran.

He told reporters: "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country".

Iran says it's confident sales will hold above 1 million barrels a day.

The ministry, in a statement, said the USA sanctions were a violation of the JCPOA, UN resolutions and "a neglect of humane, moral and ethical values". Saudi Arabia has increased production by 780,000 barrels a day since April, according to data compiled by Bloomberg.

He believes that Riyadh can now only rely on 300,000 barrels per day of spare capacity, the extraction of which can be launched in fewer than 30 days.

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